Wednesday, 1 April 2015
mistakes that will kill your startup a Business
The
road to a creating a successful business is never easy. However, if you
have a list of all the things you shouldn’t do, you can turn that into a
recipe for success.
Here are 10 startup mistakes that needs to be avoided to survive past the initial roadblocks.
Here are 10 startup mistakes that needs to be avoided to survive past the initial roadblocks.
1. Bad location
March 28, 2015
You
can change everything about a house but its location. Likewise, if your
startup is in a bad location, you can’t change the nature of that
location. It’s easier to move the startup.
2. Marginal niche
March 28, 2015
By
choosing an obscure niche a startup may paint themselves in a corner.
If you are afraid of competition, this is not the way to avoid it.
3. Derivative idea
March 28, 2015
There
are only so many Twitters for pet owners one can come up with. The
bottom line is that the Google of tomorrow will not be like Google.
4. Obstinacy
March 28, 2015
Obstinacy
-– or inability to adapt kills startups who would have survived had
they not been too stubborn to see what their users were telling them.
5. Hiring Bad Programmers
March 28, 2015
Knowing
a good programmer from a bad one often takes being a good one yourself,
or having a trusted one on your team. Exceptional programmers are
always in short supply. So the odds are stacked up against hiring good
ones.
6. Choosing the wrong platform
March 28, 2015
How
fast you can scale will determine whether your startup lives or dies
once you get traction. On the wrong platform scalability will be the
bottleneck. And users often don’t wait for you to figure it out.
7. Having No Specific User in Mind
March 28, 2015
Somewhere
someone will for sure be interested in your product, you just don’t
know who yet? Sounds like those people may not exist. Be sure to check.
8. Raising too little money or spending too much
March 28, 2015
You
get what you spend on. With too little money you may not be able to
flesh out your product in to its full potential. At the same time,
spending too much before you grow big enough to have the numbers to
raise the next round too can be disastrous. As this may mean that are
out of cash, which often spells the end.
9. Raising too much money
March 28, 2015
Raising
too much will likely make you feel like a huge success even before you
made anything useful. At the end of the day it’s users, not investors,
you want to impress the most.
10. Poor investor management
March 28, 2015
If
the choice is between making investors happy or making your users
happy, always choose users. If the user is happy, your investors will
make money eventually. Never sacrificing user interests to (supposed)
profit.
As you can always make money later. This, however, cannot be said about making users happy. You need to make something they want now.
As you can always make money later. This, however, cannot be said about making users happy. You need to make something they want now.
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